Clifford Chance
A new regulatory focus: the PRA and FCA Senior Insurance Managers framework
13 February 2015
On 2 February 2015, the Prudential Regulation Authority ("PRA") and the Financial Conduct Authority ("FCA") consultations, which together set out the framework for senior insurance managers, came to a close.
The PRA and FCA are expected to publish consultation feedback, final supervisory statements and rules in March 2015. As the rules will take effect on 1 January 2016 in line with Solvency II, firms are advised to start preparations early.
To assist with the necessary planning, this note advises on key next steps, outlines the PRA and FCA features of the new framework and highlights areas for which regulatory or legal input should be sought.
